Description: The November 2017 financial statements.
The balance sheet is a financial statement that gives an accounting picture of assets owned by the association and of claims against those assets on a specific date. One part of the balance sheet lists assets, while another part shows liabilities and the owner's equity. ASSETS must always equal LIABILITIES + NET WORTH. Therefore a balance sheet is often described as a "snapshot" of the association's financial condition at a given point in time.
The income and expense report contains a summary of the Associations' financial operations for a specific period of time. It shows the net profit or loss for the period by stating the company's revenues and expenses.
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